The rates for sale and non-sale title insurance premiums and endorsements are increasing on May 1, 2016. Pennsylvania title insurance premium rates are set by law and are the same for all title companies. The new rates for May 2016 are the first time rates have increased since 2012 and represent a 12% increase in premium rates.
Title insurance has two functions. First, the title company will make sure there are no errors, unknown liens, fraud, or other problems with the deed. Second, an insurance policy is issued which will defend you in court if someone challenges your title and will compensate you if you should lose.
All settlements after May 1, 2016 must use the new rates. Use our convenient online calculator from your computer or on your mobile phone. Enter the purchase or refinance amount to instantly get the updated title rates for your transaction.
Please don’t hesitate to contact us if you have any questions regarding the new rates, or would like a settlement quote. As always, our quotes contain no hidden fees and we do not charge additional conveyancing fees.